India’s primary market is witnessing a landmark moment. Fractal Analytics IPO is being called India’s first pure-play Artificial Intelligence company IPO, while Aye Finance IPO represents the fast-growing MSME credit ecosystem. Both belong to completely different industries, yet they reflect where India’s economy is heading – technology-led intelligence and Bharat-focused financial inclusion.
🎥 We have also explained this topic in a detailed video with financial numbers, GMP trends and application strategy – click to watch the full video.
Fractal Analytics works with Fortune 500 companies to help them take decisions using AI models, machine learning, and advanced analytics. Its revenue comes from enterprise consulting, proprietary platforms and long-term digital transformation contracts.
If listed at reasonable valuations, Fractal could become a benchmark for how Indian markets value deep-tech companies, unlike traditional IT services firms.
Aye Finance operates in the NBFC segment, providing loans to micro and small entrepreneurs such as shopkeepers, small manufacturers and service providers. The company uses cash-flow based assessment instead of pure collateral to serve underserved borrowers.
These IPOs should not be compared only on subscription numbers or grey market premium.
Indian markets are maturing where investors can now choose between new-age AI innovation and traditional financial growth within the same IPO season.
Fractal’s entry could open doors for more AI, SaaS and product companies to list in India. SEBI’s evolving framework for new-age businesses, better disclosures and governance standards are encouraging such companies to choose Indian exchanges over foreign listings.
Aye Finance highlights the continuing opportunity in MSME formalisation, digital payments adoption and data-led lending – segments strongly supported by RBI and government initiatives.
At Swastika Investmart, our SEBI-registered research team evaluates IPOs on fundamentals, governance and valuation so investors can take informed decisions backed by credible insights.
Is Fractal Analytics really India’s first AI IPO?
Yes, it is the first major public issue where AI and analytics are the core revenue drivers rather than support services.
Which IPO is better – Fractal or Aye Finance?
There is no direct answer. Fractal suits tech-growth investors, while Aye Finance fits those who prefer financial sector exposure.
Are these IPOs risky?
All IPOs carry risk. Fractal faces client and valuation risk; Aye Finance faces credit and regulatory risk.
Can beginners apply?
Yes, but allocation should be based on financial goals and risk appetite, not social media trends.
What should I track after listing?
For Fractal – client addition and margins.
For Aye Finance – asset quality and collection efficiency.
The Fractal Analytics vs Aye Finance IPO debate is not about choosing one winner. It is about understanding two powerful themes shaping India – Artificial Intelligence and MSME growth. Investors should look beyond excitement and focus on business quality, valuation and long-term potential.
Begin your investment journey with research-backed guidance and a trusted SEBI-registered broker.
The Q3 FY26 earnings season reaffirmed the resilience of India’s private sector banks, with HDFC Bank and ICICI Bank once again in the spotlight. While both banks reported stable asset quality and healthy business growth, differences in provisioning trends and profitability shaped market sentiment. For investors tracking banking sector stocks, these results provide useful cues on margins, risk management, and near-term growth visibility.
This blog breaks down the Q3 FY26 performance of HDFC Bank and ICICI Bank, explains what drove their numbers, and assesses the broader impact on Indian equity markets.
HDFC Bank reported a strong and balanced performance in Q3 FY26, underlining its consistent execution despite sector-wide margin pressures.
Net interest income rose 6.3 percent year on year to Rs 32,615 crore, supported by steady loan growth and disciplined pricing. Operating profit increased 8 percent year on year to Rs 27,098 crore, reflecting efficient cost management.
Net profit grew 11.5 percent year on year to Rs 18,654 crore, aided by a sharp decline in provisions. Provisions fell 18 percent quarter on quarter to Rs 2,838 crore, signalling stable credit costs.
Core net interest margin stood at 3.35 percent. While margins remain lower than historical peaks, they have stabilised, indicating that the impact of higher funding costs may be largely priced in.
The bank also flagged an incremental impact of around Rs 800 crore due to the implementation of new labour codes, a factor investors will watch closely in coming quarters.
Asset quality remained steady. Gross NPA was flat at 1.24 percent quarter on quarter, while net NPA also stayed unchanged at 0.42 percent. This stability reinforces HDFC Bank’s reputation for conservative underwriting and robust risk controls.
ICICI Bank delivered healthy business growth but fell short of profit expectations due to higher provisioning.
Net interest income increased 7.7 percent year on year to Rs 21,932 crore, while net interest margin remained flat at 4.30 percent. Operating profit rose 3 percent year on year to Rs 17,356 crore.
However, net profit declined 4 percent year on year to Rs 11,318 crore, primarily because provisions jumped sharply to Rs 2,556 crore from Rs 914 crore in the previous quarter.
Despite higher provisions, asset quality improved marginally. Gross NPA declined to 1.53 percent from 1.58 percent quarter on quarter, and net NPA improved to 0.37 percent from 0.39 percent. This suggests the provisioning was largely precautionary rather than driven by fresh stress.
ICICI Bank continued to gain market share. Total advances rose 11.5 percent year on year to Rs 14.66 lakh crore, while deposits grew 9.2 percent year on year to Rs 16.59 lakh crore. This healthy balance sheet expansion supports long-term growth prospects.
From an investor’s lens, Q3 FY26 highlighted contrasting narratives. HDFC Bank stood out for profit consistency and lower credit costs, making it attractive for stability-focused portfolios. ICICI Bank, on the other hand, showcased stronger margins and loan growth but accepted higher provisions to strengthen its balance sheet.
A simple way to view this is like two businesses facing the same economic climate. One chooses steady expansion with tight risk control, while the other accelerates growth but builds extra buffers. Both approaches have merit depending on an investor’s risk appetite.
The banking sector remains a key driver of Indian equity indices. HDFC Bank’s results supported sentiment around large-cap private banks, reinforcing their role as defensive compounders during uncertain macro conditions.
ICICI Bank’s profit miss led to short-term caution, but long-term investors may view higher provisions as a positive step toward sustainable growth. Overall, the results underline that stock selection within the banking sector is becoming more important than broad sector exposure.
From a regulatory perspective, stable asset quality aligns well with the Reserve Bank of India’s emphasis on prudent lending and adequate capital buffers.
Key monitorables for the coming quarters include trends in deposit costs, loan growth momentum, and the impact of regulatory changes such as labour codes on operating expenses. Investors should also track how banks balance growth with provisioning in a gradually normalising interest rate environment.
How did HDFC Bank perform in Q3 FY26?
HDFC Bank reported double-digit profit growth driven by lower provisions and stable asset quality, with margins holding steady.
Why did ICICI Bank miss profit estimates?
The miss was largely due to elevated provisions, even though loan growth and asset quality remained healthy.
Are asset quality concerns rising in private banks?
No major concerns are visible. Both banks reported stable or improving NPAs, indicating controlled credit risk.
What is the market outlook for banking stocks after Q3 FY26 results?
The outlook remains selective. Banks with stable margins and disciplined risk management are likely to be preferred by investors.
The Q3 FY26 results of HDFC Bank and ICICI Bank highlight the underlying strength of India’s private banking sector, even as margin pressures and regulatory costs persist. For investors, the key takeaway is to focus on fundamentals, asset quality, and long-term execution rather than short-term earnings volatility.
For those looking to navigate banking stocks with confidence, Swastika Investmart offers SEBI-registered expertise, in-depth research tools, and strong investor support to help make informed decisions.
Ready to take the next step in your investment journey?
Reliance Industries’ Q3FY26 consolidated results present a picture of steady topline growth but limited operating leverage. While revenue growth remained healthy, margin pressure, particularly in the retail business, prevented earnings from meeting market expectations.
The quarter highlights how different business segments contributed unevenly to overall performance, with strength in Oil-to-Chemicals partially offset by continued challenges in retail and oil and gas exploration.
Reliance reported quarter-on-quarter revenue growth of 4 percent, with consolidated revenue rising to Rs 2,64,905 crore from Rs 2,54,623 crore.
Despite higher revenue, EBITDA remained largely flat at Rs 46,018 crore, compared to Rs 45,885 crore in the previous quarter. As a result, EBITDA margin declined to 17.4 percent from 18 percent, reflecting cost pressures and weak segmental performance in certain areas.
Net profit increased 2.6 percent to Rs 18,645 crore, supported by higher other income, which played a key role in cushioning operating weakness.
The earnings miss was primarily driven by weak retail performance, which weighed on consolidated margins despite stable revenue growth.
Retail continues to be a key driver of volume growth for Reliance, but profitability in this segment faced headwinds during the quarter due to structural and cyclical factors.
The O2C segment reported a 10 percent quarter-on-quarter increase in EBITDA to Rs 16,507 crore, making it the standout performer in Q3FY26.
Growth in this segment was supported by:
These positives were partly offset by weakness in the petrochemicals business, which limited further upside.
Retail EBITDA rose just 1 percent to Rs 6,915 crore, reflecting muted operating momentum.
More importantly, retail EBITDA margin declined to 7.06 percent, marking the lowest level in the last 13 quarters.
Several factors contributed to this pressure:
Together, these factors limited margin recovery despite stable revenues.
The oil and gas exploration segment reported a 3 percent decline in EBITDA to Rs 4,857 crore.
This was primarily due to:
The segment remains sensitive to operational and pricing dynamics, which impacted performance during the quarter.
One of the key reasons net profit growth outpaced EBITDA growth was a sharp rise in other income.
Other income increased 10 percent to Rs 4,914 crore, providing a meaningful boost to the bottom line and helping offset margin pressure at the operating level.
This underscores the role of non-operating income in supporting consolidated profitability during periods of operating stress.
Reliance’s balance sheet showed modest improvement during Q3FY26.
Net debt declined to Rs 1,17,102 crore from Rs 1,18,545 crore on a quarter-on-quarter basis, reflecting disciplined financial management and stable cash generation.
Lower net debt strengthens financial flexibility and provides comfort amid mixed operating conditions.
Reliance’s Q3FY26 results indicate that while topline growth remains intact, margin expansion is currently constrained by segment-specific challenges, especially in retail.
Key takeaways for investors include:
Given Reliance’s heavy weight in benchmark indices, its performance continues to influence broader market sentiment.
Did Reliance Industries meet earnings expectations in Q3FY26?
Earnings missed expectations mainly due to weak retail performance and margin pressure.
Which segment contributed most to EBITDA growth?
The Oil-to-Chemicals segment was the strongest contributor, with EBITDA rising 10 percent.
Why did retail margins fall sharply?
High base effect, quick commerce losses, and the demerger of Reliance Consumer Products impacted retail profitability.
How did other income affect results?
Other income rose 10 percent and helped net profit grow faster than EBITDA.
Is Reliance’s debt position improving?
Yes, net debt declined marginally on a quarter-on-quarter basis.
Reliance’s Q3FY26 performance highlights the resilience of its diversified business model, even as margin pressure persists in certain segments. Strength in O2C and higher other income helped support overall profitability, while retail remains an area to watch closely.
For investors tracking large-cap earnings and sector trends, Swastika Investmart, a SEBI-registered brokerage, offers strong research capabilities, detailed earnings analysis, and responsive customer support to help navigate market decisions with confidence.
If you are planning your next investment move, you can begin here:
Wipro’s Q3FY26 earnings reflect a familiar theme playing out across India’s IT sector: gradual demand recovery, but continued pressure on margins and deal momentum. While revenue growth showed improvement, profitability took a hit due to one-time costs linked to labour code implementation and restructuring initiatives.
For investors tracking large-cap IT stocks, Wipro’s quarterly performance offers important clues about how the sector is navigating global uncertainty, cautious client spending, and regulatory changes back home.
At a headline level, Wipro reported sequential revenue growth, but earnings missed street expectations due to margin compression and lower-than-expected deal wins.
Revenue for the quarter rose 3.78 percent quarter-on-quarter to Rs 23,555.8 crore, marginally above estimates. However, operating performance weakened as EBIT declined 5.14 percent to Rs 3,491.4 crore, while net profit slipped 3.91 percent to Rs 3,119 crore.
This divergence between revenue growth and profit performance highlights the cost pressures facing IT companies in the current environment.
Despite the headline miss, there were some encouraging trends beneath the surface.
Wipro reported constant currency growth of 1.4 percent quarter-on-quarter, a notable improvement from 0.3 percent in the previous quarter. This suggests that client spending is stabilising after multiple quarters of muted demand.
For Indian IT companies, constant currency growth is a key indicator as it strips out currency fluctuations and reflects true business momentum.
Revenue came in slightly ahead of market expectations, reflecting steady execution across key verticals. While growth remains modest compared to historical cycles, it indicates resilience in Wipro’s diversified business model.
Management guided for Q4FY26 revenue growth in the range of 0 percent to 2 percent, an improvement over Q3’s guidance band of minus 0.5 percent to plus 1.5 percent. This suggests confidence in near-term order flows, even as macro uncertainty persists.
The biggest disappointment in Wipro’s Q3FY26 results was the sharp decline in margins.
EBIT margin dropped 139 basis points to 14.82 percent, well below market expectations. The key reason was a one-time impact of Rs 565 crore related to labour code implementation and restructuring expenses.
India’s new labour codes are expected to improve long-term workforce efficiency and compliance, but the transition has created short-term cost pressure for IT firms with large employee bases.
Lower operating leverage and one-time costs led to a miss at the net profit level as well. For investors, this reinforces the view that margin recovery across the IT sector may be gradual rather than immediate.
One area that raised concerns was total contract value bookings, which fell to $3.3 billion in Q3FY26 from $4.6 billion in Q2FY26.
Lower deal bookings can impact revenue visibility over the next few quarters, especially in an environment where clients are cautious about discretionary spending.
While deal pipelines remain healthy, conversion timelines appear stretched, a trend seen across the broader Indian IT services space.
Wipro’s results mirror broader sector trends.
For Indian equity markets, this suggests that IT stocks may remain range-bound until clearer signs of demand acceleration emerge.
Looking forward, Wipro’s performance will hinge on three key factors.
As one-time labour code and restructuring costs fade, margins could stabilise, provided pricing pressure does not intensify further.
Improved deal execution and ramp-ups will be critical to sustaining revenue growth in FY27.
Any easing in global interest rates or improvement in US and European tech spending could act as a positive trigger for the stock.
Did Wipro meet earnings expectations in Q3FY26?
No, Wipro missed estimates at the profit level due to margin compression and one-time costs.
Why did Wipro’s margins fall sharply?
Margins declined mainly due to the one-time impact of labour code implementation and restructuring expenses.
Is Wipro’s revenue growth improving?
Yes, constant currency growth improved sequentially to 1.4 percent, indicating stabilising demand.
What does Wipro’s Q4FY26 guidance indicate?
The guidance of 0 percent to 2 percent growth suggests cautious optimism despite global uncertainty.
Should long-term investors worry about these results?
Long-term investors may view near-term weakness as part of a broader sector transition rather than a structural issue.
Wipro’s Q3FY26 earnings underline a slow but steady recovery path for India’s IT sector. While revenue momentum is improving, margin pressure and softer deal bookings remain near-term challenges.
For investors seeking deeper insights into earnings trends, valuations, and sector outlooks, Swastika Investmart, a SEBI-registered brokerage, offers robust research tools, expert analysis, and responsive customer support to help make informed investment decisions.
If you are tracking IT stocks or planning your next investment move, you can get started here:
Silver prices in India have surged past the psychological mark of ₹3 lakh per kilogram, grabbing the attention of traders, investors, and even traditional jewellery buyers. The rally comes at a time when global uncertainty is intensifying, driven by geopolitical conflicts, supply chain disruptions, and fears of prolonged economic instability.
While gold usually steals the spotlight during uncertain times, silver has quietly emerged as a strong performer. The big question now is whether this rally has further legs or if prices are running ahead of fundamentals.
Silver’s recent price movement is not a coincidence. Multiple global and domestic factors are working together to push prices higher.
Escalating tensions in key global regions have increased demand for safe-haven assets. Investors typically turn to precious metals when uncertainty clouds global growth and financial stability. While gold remains the primary hedge, silver often benefits alongside it due to its dual role as a precious and industrial metal.
A softer dollar makes commodities cheaper for non-US buyers, boosting demand. Since silver prices are globally benchmarked in dollars, any depreciation in the greenback tends to support prices in international and Indian markets.
Persistent inflation concerns and uncertainty around future interest rate trajectories have added to silver’s appeal. Even when interest rates remain elevated, investors often allocate to precious metals as a hedge against purchasing power erosion.
Unlike gold, silver has extensive industrial applications, which adds a second layer of demand.
India’s push toward renewable energy and electrification is structurally positive for silver demand. As the country expands solar capacity and EV adoption, silver consumption is expected to rise steadily.
The rally in silver has had visible spillover effects across Indian financial markets.
Indian retail investors, traditionally inclined toward gold, are now showing renewed interest in silver. Many are using silver ETFs and commodity futures to gain exposure without holding physical metal.
Higher silver prices increase input costs for jewellery manufacturers and industrial users. While some costs are passed on, margins may come under pressure in the short term.
Silver is known for sharper price swings compared to gold. This volatility attracts traders but also demands disciplined risk management.
The move above ₹3 lakh per kg has sparked debates around valuation.
Historically, silver tends to outperform gold during late-stage commodity cycles but also corrects faster when sentiment turns.
Indian investors have multiple regulated avenues to invest in silver.
Suitable for long-term holders, though storage and purity remain considerations.
SEBI-regulated silver ETFs offer transparency, liquidity, and ease of trading without physical handling.
Active traders can use MCX silver futures, but these require higher risk tolerance and margin discipline.
Each option suits different investment goals and risk profiles.
Silver works best as part of a diversified portfolio rather than a standalone bet.
Why have silver prices crossed ₹3 lakh per kg in India?
Rising geopolitical tensions, strong industrial demand, and a weaker dollar have driven prices higher.
Is silver a safer investment than gold?
Silver offers higher return potential but also comes with greater volatility compared to gold.
Can silver prices fall after such a sharp rally?
Yes, short-term corrections are common in silver, even during long-term bull phases.
How can retail investors invest in silver easily?
Silver ETFs provide a convenient and regulated way to invest without physical storage concerns.
Is silver suitable for conservative investors?
Silver may be better suited for investors with moderate to high risk tolerance.
The move in silver beyond ₹3 lakh per kg reflects deeper global shifts rather than short-term speculation alone. While geopolitical risks and industrial demand provide strong support, silver’s journey is rarely smooth.
For investors seeking informed exposure to commodities, Swastika Investmart, a SEBI-registered brokerage, offers research-backed insights, advanced trading platforms, and strong customer support to help navigate volatile markets with confidence.
If you are considering investing in silver or diversifying your portfolio, you can get started here:
India’s e-commerce boom has reshaped how goods move across the country. From next-day deliveries to 10-minute grocery promises, last-mile logistics has become the backbone of digital consumption. Riding this powerful trend, Shadowfax Technologies’ IPO is drawing investor attention as another tech-enabled logistics player tapping public markets.
However, strong sectoral tailwinds do not always translate into comfortable investment returns. This IPO demands a closer look at growth quality, valuation comfort, and risk concentration before taking a call.
Shadowfax operates in one of the fastest-growing segments of India’s logistics ecosystem: last-mile and e-commerce delivery.
Key growth drivers include:
As a technology-driven, asset-light platform, Shadowfax is well positioned to capitalise on these trends. Its delivery partner network and route optimisation tools allow it to scale quickly without heavy infrastructure investments.
This structural growth opportunity forms the core bull case for the IPO.
Shadowfax has shown improving revenue momentum, driven by higher shipment volumes and deeper integration with large e-commerce platforms.
However, profitability remains a challenge.
Operating margins are thin due to:
While losses have narrowed in phases, margin visibility is still evolving, making earnings predictability uncertain for investors focused on cash flows.
At an estimated price-to-sales multiple of around 2.8x, the Shadowfax IPO appears expensively priced compared to listed peer Delhivery, which operates at a lower valuation multiple despite being larger and more diversified.
Given that Shadowfax and Delhivery operate in similar segments, investors may question whether Shadowfax deserves a higher multiple without proven profitability.
This valuation gap makes downside risk more meaningful if execution falters.
One of the most critical concerns in the Shadowfax IPO is revenue concentration.
A significant portion of the company’s revenue comes from just two clients:
Although Flipkart’s investor status adds strategic comfort, it also creates dependency risk. For public market investors, such concentration reduces business stability.
For many retail participants, waiting post-listing for better price discovery may be a more prudent approach, especially in volatile market conditions.
Shadowfax’s IPO highlights an ongoing trend where new-age, platform-driven companies are testing public market appetite.
While such listings deepen India’s capital markets, they also require higher levels of investor scrutiny around governance, sustainability, and profitability timelines.
SEBI’s tightening disclosure norms have improved transparency, but valuation discipline remains crucial for retail investors.
Is Shadowfax benefiting from India’s e-commerce growth?
Yes, the company is a direct beneficiary of rising online consumption and last-mile delivery demand.
Why is profitability still low?
High delivery partner costs, incentives, and expansion investments continue to weigh on margins.
Is Shadowfax IPO expensive compared to peers?
At around 2.8x price-to-sales, it is valued higher than listed peer Delhivery.
Does client concentration pose a serious risk?
Yes, heavy reliance on Flipkart and Meesho increases revenue and margin vulnerability.
Should conservative investors apply?
Conservative investors may consider waiting until post-listing performance stabilises.
The Shadowfax Technologies IPO offers exposure to a powerful structural growth theme but comes with elevated valuation risk, profitability uncertainty, and client concentration concerns.
For investors who rely on deep research and disciplined analysis, Swastika Investmart, a SEBI-registered brokerage, provides detailed IPO insights, robust research tools, and strong customer support to help navigate such high-stakes opportunities.
If you’re planning to invest with clarity and confidence, consider opening your account today:
.png)
Every year, the Union Budget becomes one of the most closely watched events for Indian markets. A common question traders ask is whether the stock market will remain open on Budget Day 1st February 2026.
As per long-standing practice, Indian stock markets remain open on the day the Union Budget is presented, provided it falls on a normal trading day. Both NSE and BSE allow trading to continue during Budget presentations so that markets can immediately react to policy announcements, taxation changes, and sector-specific measures.
If the Budget presentation happens to coincide with a non-trading day, exchanges may announce a special live trading session, subject to official notification. Traders should always rely on exchange circulars for final confirmation.
The Union Budget directly influences the economy, businesses, and investor sentiment. Keeping markets open ensures transparent price discovery and avoids panic-driven reactions later.
During previous Budgets, sectors such as banking, infrastructure, FMCG, capital goods, and PSU stocks witnessed sharp movements within minutes of announcements. For example:
Allowing live trading ensures these reactions happen in a regulated and orderly manner.
On a normal Budget Day trading session, the market follows standard timings:
Any deviation such as extended trading or special sessions is communicated in advance by NSE and BSE through official circulars.
Budget Day is known for sudden spikes in volatility. Nifty and Sensex can swing sharply as headlines emerge. Options premiums rise, and intraday traders see rapid price movements.
Different sectors respond differently depending on policy direction:
While intraday moves can be volatile, long-term investors focus on structural reforms, growth outlook, and fiscal stability outlined in the Budget speech.
SEBI continuously monitors trading activity during high-volatility events like the Union Budget to ensure market integrity, risk management, and investor protection.
Budget Day is not about predicting the Budget but responding to it intelligently. This is where a reliable, SEBI-registered broker becomes critical.
Instead of reacting blindly to headlines, Swastika Investmart empowers traders with context, analysis, and disciplined execution.
Yes, if 1st February 2026 is a regular trading day, NSE and BSE will remain open. Any special session will be announced officially by the exchanges.
Budget Day offers opportunities due to volatility, but it also carries higher risk. It suits experienced traders with strict risk management.
No. Sector-specific announcements impact stocks differently. Some sectors benefit while others may see profit booking.
Beginners should be cautious. Observing the market or trading with minimal exposure is usually advisable.
The Union Budget is a defining event for Indian financial markets, and the market remaining open on Budget Day 1st February 2026 ensures transparency and real-time price discovery. While volatility is inevitable, disciplined trading and informed decision-making make all the difference.
If you want expert insights, robust technology, and reliable support during high-impact events like the Union Budget, consider trading with Swastika Investmart, a trusted name in Indian capital markets.
Trust Our Expert Picks
for Your Investments!
.png)
.png)
.png)
.png)
.png)
.png)
.png)
.png)
.png)
.webp)
.png)
.png)
